BENTLEY SYSTEMS INC-CLASS B (BSY) Fundamental Analysis & Valuation

NASDAQ:BSY • US08265T2087

Current stock price

33.44 USD
+0.79 (+2.42%)
At close:
33.44 USD
0 (0%)
After Hours:

This BSY fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

9

1. BSY Profitability Analysis

1.1 Basic Checks

  • BSY had positive earnings in the past year.
  • BSY had a positive operating cash flow in the past year.
  • BSY had positive earnings in each of the past 5 years.
  • In the past 5 years BSY always reported a positive cash flow from operatings.
BSY Yearly Net Income VS EBIT VS OCF VS FCFBSY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M

1.2 Ratios

  • The Return On Assets of BSY (7.81%) is better than 81.25% of its industry peers.
  • The Return On Equity of BSY (23.36%) is better than 88.24% of its industry peers.
  • BSY's Return On Invested Capital of 11.34% is amongst the best of the industry. BSY outperforms 87.87% of its industry peers.
  • BSY had an Average Return On Invested Capital over the past 3 years of 9.56%. This is in line with the industry average of 10.92%.
  • The 3 year average ROIC (9.56%) for BSY is below the current ROIC(11.34%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.81%
ROE 23.36%
ROIC 11.34%
ROA(3y)8.19%
ROA(5y)6.72%
ROE(3y)27.63%
ROE(5y)27.23%
ROIC(3y)9.56%
ROIC(5y)8.51%
BSY Yearly ROA, ROE, ROICBSY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

1.3 Margins

  • BSY has a better Profit Margin (18.50%) than 85.29% of its industry peers.
  • BSY's Profit Margin has improved in the last couple of years.
  • BSY has a better Operating Margin (24.63%) than 90.07% of its industry peers.
  • In the last couple of years the Operating Margin of BSY has grown nicely.
  • BSY has a Gross Margin of 81.52%. This is amongst the best in the industry. BSY outperforms 84.56% of its industry peers.
  • BSY's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 24.63%
PM (TTM) 18.5%
GM 81.52%
OM growth 3Y9.07%
OM growth 5Y2.29%
PM growth 3Y5.19%
PM growth 5Y3.26%
GM growth 3Y1.29%
GM growth 5Y0.59%
BSY Yearly Profit, Operating, Gross MarginsBSY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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4

2. BSY Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BSY is creating some value.
  • The number of shares outstanding for BSY remains at a similar level compared to 1 year ago.
  • Compared to 5 years ago, BSY has more shares outstanding
  • The debt/assets ratio for BSY has been reduced compared to a year ago.
BSY Yearly Shares OutstandingBSY Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
BSY Yearly Total Debt VS Total AssetsBSY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

2.2 Solvency

  • BSY has an Altman-Z score of 3.12. This indicates that BSY is financially healthy and has little risk of bankruptcy at the moment.
  • BSY has a Altman-Z score of 3.12. This is in the better half of the industry: BSY outperforms 64.71% of its industry peers.
  • The Debt to FCF ratio of BSY is 2.40, which is a good value as it means it would take BSY, 2.40 years of fcf income to pay off all of its debts.
  • BSY has a Debt to FCF ratio of 2.40. This is in the better half of the industry: BSY outperforms 64.71% of its industry peers.
  • A Debt/Equity ratio of 1.05 is on the high side and indicates that BSY has dependencies on debt financing.
  • The Debt to Equity ratio of BSY (1.05) is worse than 76.10% of its industry peers.
  • Although BSY's pure debt/equity ratio does not look good, it has limited outstanding debt compared to the Free Cash Flow. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 1.05
Debt/FCF 2.4
Altman-Z 3.12
ROIC/WACC1.13
WACC10.03%
BSY Yearly LT Debt VS Equity VS FCFBSY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

2.3 Liquidity

  • BSY has a Current Ratio of 0.56. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
  • BSY's Current ratio of 0.56 is on the low side compared to the rest of the industry. BSY is outperformed by 91.54% of its industry peers.
  • BSY has a Quick Ratio of 0.56. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
  • BSY has a Quick ratio of 0.56. This is amonst the worse of the industry: BSY underperforms 91.18% of its industry peers.
Industry RankSector Rank
Current Ratio 0.56
Quick Ratio 0.56
BSY Yearly Current Assets VS Current LiabilitesBSY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M

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6

3. BSY Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 13.08% over the past year.
  • The Earnings Per Share has been growing by 14.60% on average over the past years. This is quite good.
  • BSY shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.99%.
  • Measured over the past years, BSY shows a quite strong growth in Revenue. The Revenue has been growing by 13.38% on average per year.
EPS 1Y (TTM)13.08%
EPS 3Y12.94%
EPS 5Y14.6%
EPS Q2Q%28.57%
Revenue 1Y (TTM)10.99%
Revenue growth 3Y10.97%
Revenue growth 5Y13.38%
Sales Q2Q%11.94%

3.2 Future

  • Based on estimates for the next years, BSY will show a quite strong growth in Earnings Per Share. The EPS will grow by 15.10% on average per year.
  • BSY is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 10.94% yearly.
EPS Next Y13.36%
EPS Next 2Y14.18%
EPS Next 3Y14.11%
EPS Next 5Y15.1%
Revenue Next Year13.81%
Revenue Next 2Y12.11%
Revenue Next 3Y11.65%
Revenue Next 5Y10.94%

3.3 Evolution

  • The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
BSY Yearly Revenue VS EstimatesBSY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 500M 1B 1.5B 2B 2.5B
BSY Yearly EPS VS EstimatesBSY Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5 2

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4

4. BSY Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 27.64, BSY can be considered very expensive at the moment.
  • BSY's Price/Earnings ratio is in line with the industry average.
  • BSY's Price/Earnings ratio indicates a similar valuation than the S&P500 average which is at 27.42.
  • With a Price/Forward Earnings ratio of 24.38, BSY is valued on the expensive side.
  • BSY's Price/Forward Earnings is on the same level as the industry average.
  • When comparing the Price/Forward Earnings ratio of BSY to the average of the S&P500 Index (22.24), we can say BSY is valued inline with the index average.
Industry RankSector Rank
PE 27.64
Fwd PE 24.38
BSY Price Earnings VS Forward Price EarningsBSY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, BSY is valued a bit cheaper than 70.22% of the companies in the same industry.
  • BSY's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. BSY is cheaper than 73.90% of the companies in the same industry.
Industry RankSector Rank
P/FCF 19.49
EV/EBITDA 25.31
BSY Per share dataBSY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4 -4

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates BSY does not grow enough to justify the current Price/Earnings ratio.
  • The excellent profitability rating of BSY may justify a higher PE ratio.
  • BSY's earnings are expected to grow with 14.11% in the coming years. This may justify a more expensive valuation.
PEG (NY)2.07
PEG (5Y)1.89
EPS Next 2Y14.18%
EPS Next 3Y14.11%

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4

5. BSY Dividend Analysis

5.1 Amount

  • BSY has a yearly dividend return of 0.81%, which is pretty low.
  • Compared to an average industry Dividend Yield of 0.64, BSY pays a better dividend. On top of this BSY pays more dividend than 90.81% of the companies listed in the same industry.
  • With a Dividend Yield of 0.81, BSY pays less dividend than the S&P500 average, which is at 1.81.
Industry RankSector Rank
Dividend Yield 0.81%

5.2 History

  • BSY has been paying a dividend for over 5 years, so it has already some track record.
  • BSY has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)N/A
Div Incr Years3
Div Non Decr Years5
BSY Yearly Dividends per shareBSY Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 2025 2026 0.05 0.1 0.15 0.2 0.25

5.3 Sustainability

  • BSY pays out 30.58% of its income as dividend. This is a sustainable payout ratio.
DP30.58%
EPS Next 2Y14.18%
EPS Next 3Y14.11%
BSY Yearly Income VS Free CF VS DividendBSY Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M
BSY Dividend Payout.BSY Dividend Payout, showing the Payout Ratio.BSY Dividend Payout.PayoutRetained Earnings

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BSY Fundamentals: All Metrics, Ratios and Statistics

BENTLEY SYSTEMS INC-CLASS B

NASDAQ:BSY (4/24/2026, 8:24:21 PM)

After market: 33.44 0 (0%)

33.44

+0.79 (+2.42%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)02-26
Earnings (Next)05-07
Inst Owners49.14%
Inst Owner Change-0.13%
Ins Owners40.35%
Ins Owner Change-0.62%
Market Cap10.14B
Revenue(TTM)1.50B
Net Income(TTM)277.80M
Analysts78
Price Target49.66 (48.5%)
Short Float %12.34%
Short Ratio5.74
Dividend
Industry RankSector Rank
Dividend Yield 0.81%
Yearly Dividend0.28
Dividend Growth(5Y)N/A
DP30.58%
Div Incr Years3
Div Non Decr Years5
Ex-Date03-10
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.01%
Min EPS beat(2)-2.54%
Max EPS beat(2)2.55%
EPS beat(4)3
Avg EPS beat(4)6.32%
Min EPS beat(4)-2.54%
Max EPS beat(4)13.82%
EPS beat(8)5
Avg EPS beat(8)8.42%
EPS beat(12)9
Avg EPS beat(12)11.66%
EPS beat(16)13
Avg EPS beat(16)11.98%
Revenue beat(2)2
Avg Revenue beat(2)1.09%
Min Revenue beat(2)0.63%
Max Revenue beat(2)1.54%
Revenue beat(4)3
Avg Revenue beat(4)0.33%
Min Revenue beat(4)-0.85%
Max Revenue beat(4)1.54%
Revenue beat(8)4
Avg Revenue beat(8)-0.43%
Revenue beat(12)6
Avg Revenue beat(12)-0.02%
Revenue beat(16)8
Avg Revenue beat(16)0.03%
PT rev (1m)-7.38%
PT rev (3m)-12.09%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-2.12%
EPS NY rev (1m)0.18%
EPS NY rev (3m)1.08%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.49%
Revenue NY rev (1m)0%
Revenue NY rev (3m)3%
Valuation
Industry RankSector Rank
PE 27.64
Fwd PE 24.38
P/S 6.75
P/FCF 19.49
P/OCF 18.83
P/B 8.53
P/tB N/A
EV/EBITDA 25.31
EPS(TTM)1.21
EY3.62%
EPS(NY)1.37
Fwd EY4.1%
FCF(TTM)1.72
FCFY5.13%
OCF(TTM)1.78
OCFY5.31%
SpS4.95
BVpS3.92
TBVpS-4.9
PEG (NY)2.07
PEG (5Y)1.89
Graham Number10.3336 (-69.1%)
Profitability
Industry RankSector Rank
ROA 7.81%
ROE 23.36%
ROCE 14.25%
ROIC 11.34%
ROICexc 11.91%
ROICexgc N/A
OM 24.63%
PM (TTM) 18.5%
GM 81.52%
FCFM 34.64%
ROA(3y)8.19%
ROA(5y)6.72%
ROE(3y)27.63%
ROE(5y)27.23%
ROIC(3y)9.56%
ROIC(5y)8.51%
ROICexc(3y)9.9%
ROICexc(5y)9.03%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)12.01%
ROCE(5y)10.69%
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y20.92%
ROICexc growth 5Y-14.5%
OM growth 3Y9.07%
OM growth 5Y2.29%
PM growth 3Y5.19%
PM growth 5Y3.26%
GM growth 3Y1.29%
GM growth 5Y0.59%
F-Score9
Asset Turnover0.42
Health
Industry RankSector Rank
Debt/Equity 1.05
Debt/FCF 2.4
Debt/EBITDA 2.87
Cap/Depr 27.71%
Cap/Sales 1.22%
Interest Coverage 47.14
Cash Conversion 123.58%
Profit Quality 187.26%
Current Ratio 0.56
Quick Ratio 0.56
Altman-Z 3.12
F-Score9
WACC10.03%
ROIC/WACC1.13
Cap/Depr(3y)28.08%
Cap/Depr(5y)28.65%
Cap/Sales(3y)1.43%
Cap/Sales(5y)1.56%
Profit Quality(3y)162.21%
Profit Quality(5y)184.66%
High Growth Momentum
Growth
EPS 1Y (TTM)13.08%
EPS 3Y12.94%
EPS 5Y14.6%
EPS Q2Q%28.57%
EPS Next Y13.36%
EPS Next 2Y14.18%
EPS Next 3Y14.11%
EPS Next 5Y15.1%
Revenue 1Y (TTM)10.99%
Revenue growth 3Y10.97%
Revenue growth 5Y13.38%
Sales Q2Q%11.94%
Revenue Next Year13.81%
Revenue Next 2Y12.11%
Revenue Next 3Y11.65%
Revenue Next 5Y10.94%
EBIT growth 1Y18.4%
EBIT growth 3Y21.03%
EBIT growth 5Y15.97%
EBIT Next Year20.78%
EBIT Next 3Y16.98%
EBIT Next 5Y17.09%
FCF growth 1Y23.49%
FCF growth 3Y26.69%
FCF growth 5Y16.55%
OCF growth 1Y23.7%
OCF growth 3Y25.21%
OCF growth 5Y15.83%

BENTLEY SYSTEMS INC-CLASS B / BSY Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for BENTLEY SYSTEMS INC-CLASS B?

ChartMill assigns a fundamental rating of 6 / 10 to BSY.


Can you provide the valuation status for BENTLEY SYSTEMS INC-CLASS B?

ChartMill assigns a valuation rating of 4 / 10 to BENTLEY SYSTEMS INC-CLASS B (BSY). This can be considered as Fairly Valued.


What is the profitability of BSY stock?

BENTLEY SYSTEMS INC-CLASS B (BSY) has a profitability rating of 9 / 10.


What is the earnings growth outlook for BENTLEY SYSTEMS INC-CLASS B?

The Earnings per Share (EPS) of BENTLEY SYSTEMS INC-CLASS B (BSY) is expected to grow by 13.36% in the next year.


How sustainable is the dividend of BENTLEY SYSTEMS INC-CLASS B (BSY) stock?

The dividend rating of BENTLEY SYSTEMS INC-CLASS B (BSY) is 4 / 10 and the dividend payout ratio is 30.58%.